Alibaba Wave Analysis – 14 January, 2020

• Alibaba rising inside sharp impulse wave C
• Likely to rise to 240.00

Alibaba continues to rise inside the sharp impulse wave C, which recently broke above the resistance level 220.00 (which reversed the price at the start of January) and the resistance trendline of the daily up channel from October.

The active impulse wave C belongs to the medium-term upward ABC correction from the middle of last year.

Alibaba is likely to rise further toward the next resistance level 240.00 (likely price for the completion of the active impulse wave C).